Real Estate Portfolio reaffirms its commitment to transform the cities of the future

Aware of the responsibility and opportunity that it has when designing and building new living spaces, the Real Estate Portfolio company reaffirmed its commitment to the 2020-2024 Sustainability Strategy, from which important achievements have already been reaped.

“Our business strategy has sustainability as its center, as a column, it is a strategy that will make us stay and prosper in the years to come, it is a long-term plan that feeds on daily actions, with discipline, with controls, with risk management , and also with ambition, with innovation, with respect for people and for the resources of the planet that belong to them, especially future generations”, said Alfredo Volio, executive director of Portafolio Inmobiliario.

For example, with pride, 92% of the real estate developer's operational projects have the Ecological Blue Flag in the Climate Change category. Added to this is being the first private company to have obtained the Ecological Blue Flag in the category of Biodiversity thanks to the work carried out in the first stage of the Aleste project, in Curridabat, which had a robust ecological restoration plan that incorporated a baseline study on the state of biodiversity, in addition to the development of a catalog of trees and shrubs, a citizen science program and the establishment of a nursery with species native to the area.

Another recognition of the Ecological Blue Flag, this time in the category of sustainable construction, corresponds to the Costa Rica Green Valley Real Estate Portfolio project, which included the construction of an industrial warehouse for the company Nitrile Gloves.

On the other hand, the AE402 building, on Avenida Escazú, obtained the “LEED New Construction – Certified”. The LEED BC+NC v4 certification validates compliance with an international standard that, after previously evaluating the water and energy consumption of a project, assures the user that the building exceeds conventionally accepted sustainability criteria. In addition, this certification estimates the benefits of the site, guarantees that the construction process did not impact the surrounding environment and ensures the interior quality of the environment for the users of the building.

Likewise, for Real Estate Portfolio it was a great pride to receive the Great Place To Work 2021 certification, an achievement that reflected the commitment that the company has towards its collaborators and collaborators, by creating safe spaces that arouse pride and belonging.

The organization, founded in 1998, has established itself as one of the largest developers in Costa Rica with more than $550MM in assets under its operation and more than 600 tenants.

Real Estate Portfolio not only develops the projects, but is also responsible for their operation and seeks to establish good long-term relationships with its tenants, also considering them an essential part in fulfilling its purpose: Transforming the cities of the future.

Daniel Villafranca, Real Estate Portfolio Sustainability Manager, stated that: “70% percent of global Greenhouse Gas emissions come from consumption in cities. To keep us safe, emissions of these gases must be cut in half by 2030. That puts cities and the people who occupy them at the heart of the problem and the heart of the solution; In Real Estate Portfolio we work to transform those spaces of well-being that we all deserve”.

Sustainability strategy: a commitment to society and the environment
Real Estate Portfolio is committed to managing sustainability as a central axis of its business, seeking to enhance positive impacts and minimize negative ones in environmental, social and governance matters; also, maintain a strategic relationship with stakeholders to address their needs.

The development of the 2020-2024 Sustainability Strategy involved a rigorous and participatory process that included a sectoral analysis, the identification and measurement of impacts throughout the business model, and a stakeholder consultation process.

This strategy is divided into 4 axes and 13 material issues. The axes are made up of four broad thematic lines with an interdependent, as well as complementary and supplementary approach:

Collective Empathy: Establishing solid links with the different stakeholders is essential for Real Estate Portfolio. In this sense, the company considers the needs of its collaborators, knows the social context of the communities where its projects are located and acts proactively to manage their impacts.

The material topics of this axis are: attraction, retention and development of collaborators; relationship with neighbors and community actors; and, health and safety at work.

Circular Operation: Create memorable experiences for clients and visitors while operating your projects with a focus on reducing negative impacts and environmental footprints.

Material issues: greenhouse gases, comprehensive solid waste management, water management and quality, and efficient energy management.

Eco-nstruction: Ensure that construction processes seek the efficient use of resources and comprehensive waste management. It is sought that the projects build under eco-efficient standards for the benefit of the users.

Governance and Communication: Due diligence, transparency with stakeholders and legal compliance are a solid foundation that the company needs to perform sustainably. The goal of ensuring that all projects comply with the requirements of national legislation and that they strengthen the relationship with strategic partners through an ethical, transparent and reliable government is set out in this axis. It involves the following material topics: corporate governance and business ethics, value chain, and communication and reporting. In 2023, it is planned to publish the first Sustainability Report attached to the GRI (Global Reporting Initiative) methodology.